MeritValue

ImageneBio, Inc.

IMAdata completeness 88%6 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

ImageneBio, Inc. earns about -32% on equity, and has bought back 83% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$31M1$15.6M2$9.16M3$3.5M4$800,0004
Net income−$34.1M5−$68.8M6−$68.2M7−$36.6M8−$45.3M8
Operating cash flow−$60.3M9−$74.1M10−$79.7M11−$21.3M12−$47.8M12
Capital expenditure$1.76M13$1.43M14$414,00015——
Free cash flow (derived)−$62M9−$75.5M10−$80.2M11——
Total debt———$7.5M16$016
Cash & equivalents$232.2M17$59.9M18$119.9M19$12.1M20$94.5M20
Diluted shares28.0M36.2M41.7M48.3M4.9M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$273.34
your share of equity
Profit it earned you last year
−$93.1
Free cash flow it threw off
—
Debt you’d be carrying
$0

10 shares is a claim on $273.34 of net worth that earned you −$93.1 last year, against $0 of debt.

iii. Is this a good business?
Moat signal · return on equity
-32% avg · 5y
FY21 -16%FY22 -47%FY23 —FY24 —FY25 -34%

It earned an average -32% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−83% shares · 5y

Share count is down 83% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 100% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000950170-23-007681 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-24-029651 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0000950170-25-034188 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001193125-26-099434 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0000950170-23-007681 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0000950170-24-029651 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0000950170-25-034188 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001193125-26-099434 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0000950170-23-007681 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0000950170-24-029651 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0000950170-25-034188 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001193125-26-099434 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0000950170-23-007681 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0000950170-24-029651 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0000950170-25-034188 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001193125-26-099434 (DebtCurrent)
  17. 10-K · period ending 2021-12-31 · accession 0000950170-23-007681 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0000950170-24-029651 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0000950170-25-034188 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001193125-26-099434 (CashAndCashEquivalentsAtCarryingValue)